Bausch & Lomb Corp. filed for its IPO almost a year and a half after its parent company Bausch Health BHC -2.16%
Cos. Said it would spin off the eye care company.
The company said it plans to raise $ 100 million on its IPO, a wildcard number that companies often use to calculate filing fees and that changes frequently. How many shares will be publicly offered according to the registration documents filed with the Securities and Exchange Commission on Thursday, the company did not announce.
In 2020, Bausch Health planned to spin off the rapidly growing ophthalmology business from its core pharmaceutical business. Bausch Health plans to sell the Bausch & Lomb shares through its wholly owned subsidiary, which will withhold all proceeds of the sale. Bausch Health remains majority owner of the new public company.
Founded in 1853, Bausch & Lomb is an iconic name in ophthalmology. The company invented Ray-Ban sunglasses for military pilots and later introduced some of the first mass-produced soft contact lenses and contact lens solutions.
The company now sells a wide variety of products, including eye surgery devices and contact lenses.
Bausch & Lomb had sales of $ 2.76 billion and profits of $ 131 million for the nine months ended September 30, 2021. It had sales of $ 3.41 billion in 2020 and sales of $ 3.78 billion in 2019.
The company plans to list its shares on the New York Stock Exchange and Toronto Stock Exchange under the symbol BLCO.
Bausch Health, formerly Valeant Pharmaceuticals International, has worked to overcome a time when its drug price hikes and accounting were attacked, top executives were ousted, and the share price plummeted.
As part of the revision, the name Valeant was dropped in 2018.
Valeant bought the Bausch & Lomb business from private equity firm Warburg Pincus LLC for $ 8.7 billion in 2013 under then Chief Executive Michael Pearson. Warburg Pincus privatized the company in 2007 for $ 3.7 billion.
Write to Kimberly Chin at [email protected]
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